Enron President to Step Down at Year-End

Enron Corp. said Richard Kinder will resign as president Dec. 31 after a 16-year career with the oil and gas company. Kenneth Lay will serve as chairman and chief executive for five more years and on Jan. 1 will assume the additional position of president. Houston-based Enron operates one of the largest natural gas transmission systems in the world. It is also the largest purchaser and marketer of natural gas and the largest non-regulated marketer of electricity in North America. Enron shares lost 87.5 cents to $46.625 on NYSE. Separately, the company said it is negotiating with final bidders for the sale of its natural gas liquids business.